The money outstanding on a credit card, or on any other credit arrangement.
When applying for a mortgage or remortgage the lender willnormally want to know what is outstanding on your current financial committments. this will allow them to know how far your salary is currently spread so they can determine whether you can afford the reaymenats on the loan they are reviewing.
In terms of mortgages the balance outstanding is the interest and principal of the mortgage minus the payments you have already made. It can be possible for the balance outstanding to be more than the value of the property. If house prices fall then the loan will not necessarily reflect the value of the property anymore.
This can lead to negative equity.
